HomeMy WebLinkAbout2002-016 RESOLUTION NO. 2002-016
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN IVER BY BRACKET
FLORIDA, DECLARING DEFAULT
FAMILY LIMITED PARTNERSHIP IN ITS
OBLIGATION TO COMPLETEREQUIRED
IMPROVEMENTS TO HUNTER'S
SUBDIVISION, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST INDIAN RIVER
NATIONAL BANK IRREVOCABLE LETTER OF
CREDIT NO. 01-0092 DATED JUNE 11, 2001.
WHEREAS, on July 10, 2001 Brackett Family Limited Partnership, by and
through its General Partner, Robert L. Brackett, entered into a Contract for
Construction of Required Improvements No. SD-01-01-01-CFC (2000070021),
relating to Hunter's Run Subdivision; and
WHEREAS, that agreement required all subdivision improvements to be
constructed on or before December 31, 2001; and
WHEREAS, that agreement to construct required subdivision
improvements has not been complied with; and
WHEREAS, in order to guarantee performance of the contract, the
developer provided Indian River National Bank Irrevocable Letter of Credit No.
01-0092 dated June 11, 2001 in the amount of$851,536.13,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That Brackett Family Limited Partnership has defaulted under the
terms of the aforementioned Contract for Construction of Required
Improvements.
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RESOLUTION NO. 2002- 016
2. Draft in the amount of$851,536.13 represents the amount required
by the County to fulfill the performance of said Contract for Construction of
Required Improvements.
3. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 01-0092 OF INDIAN RIVER NATIONAL BANK" to the
office of Indian River National Bank located at 958 20th Place, Vero Beach,
Florida, on or before March 31, 2002.
The resolution was moved for adoption by Commissioner Ginn , and
the motion was seconded by Commissioner Adams , and, upon being put to
a vote, the vote was as follows:
Chairman Ruth M. Stanbridge Aye
Vice Chairman John W. Tippin Aye
Commissioner Fran B. Adams Aye
Commissioner Caroline D. Ginn AyP
Commissioner Kenneth R. Macht Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 19thday of March, 2002.
BOARD OF COUNTY COMMISSIONERS
P INDIAN RIVER COUNTY, FLORIDA
Ruth M. Stanbridge, Ch irman
. date
.Y .
T: Jeffrey K. , Clerk
` APPROVED AS TO FORM
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B -• AND LEGAL SUFFICIENCY
r � �.
�- Deputy°Clerk
6Y
WILLIAM G. COLLINS II
DEPUTY COUNTY ATTORNEY
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